Don't use ai given answer accounting questions Berkeley Manufacturing sells $180,000 of receivables to Finance Plus, Inc. on a withrecourse basis. Finance Plus assesses a finance charge of 6% and retains an amount equalto 5% of accounts receivable. Berkeley estimates the fair value of the recourse liability tobe $5,500. Prepare the journal entry for Berkeley to record the sale.

Step 1:First, calculate the cash received from the sale: Cash received from sale = Value of accounts…

Answered: Berkeley Manufacturing sells $180,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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